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SEC orders Wells Fargo to pay $7 million for anti-money-laundering failures
The firm was more than five months late on average in filing suspicious activity reports involving wire transfers to and from foreign countries suspected of terrorism financing and other illegal money movements.
Wells Fargo used fake job interviews to promote diversity: Report
The job interviews seemed designed to bolster Wells Fargo's record of its diversity efforts rather than actually hiring women or people of color, the New York Times reported.
Morgan Stanley’s Parametric moves the wirehouse into ETF management
Two filings show that Parametric is moving beyond its current focus on separate accounts and direct indexing to subadvise strategies for Innovator ETFs.
Merrill team managing $409 million joins Raymond James
The three advisers, based in Spokane, Washington, will operate as Panorama Wealth Management of Raymond James.
Buffett exits Wells Fargo stake, ending decades-long bet on bank
Berkshire Hathaway reported new stakes in banking giant Citigroup Inc. and in auto lender Ally Financial Inc.
Jim Hays stepping down as head of Wells Fargo Advisors
After 35 years in the industry, Hays is retiring. He'll be replaced by Sol Gindi, who will also head the Wealth & Investment Management client relationship group.
UBS loses $3.9 million claim linked to YES options strategy
A Finra arbitration panel ordered UBS to pay the clients $2.9 million in compensatory damages and $966,000 in attorneys' fees.
Raymond James adds $580 million Wells Fargo team
The four advisers will operate as Heberle Helm Ferguson Group in Monroeville, Pennsylvania.
Former Merrill adviser assigned to rehabilitation after racist rant
James Iannazzo, who lost his job at Merrill after a tirade at a smoothie shop, will have the charges against him dismissed after a year under supervision.
UBS fined $350,000 for failing to report certain trades
Finra says the firm failed to report certain trades in TRACE-eligible securities.
UBS taking ‘close look’ at US as Asia wealth business slows
The wirehouse's Global Wealth Management Americas group reported $12 billion in net new fee-generating assets in the first quarter.
Raymond James adds team that managed $340 million at Merrill
The four advisers will operate as Resolute Private Wealth in Forest, Virginia.
Bank of America wealth group sees head count drop as revenues climb
Adviser ranks are falling, but the bank reports 7,800 net new client relationships and a growing thirst for alternative investments.
Revenue per rep rises but head count slips at Wells Fargo Advisors
Annualized revenue per adviser, a key industry metric, was $1.22 million at the end of March, up 4.3% from the end of last year.
Morgan Stanley eyes retirement, overseas wealth management opportunities
'I think in the wealth and asset management spaces internationally, we punch below our weight,' Chairman and CEO James Gorman said during the firm's conference call to discuss first-quarter earnings.
Finra arbitrators award former Morgan Stanley broker $900,000
The former rep, Joseph C. DeNicola, alleged wrongful termination, defamation and unpaid compensation.
Wells Fargo Advisors fires back in Georgia court dispute over arb decision
In its appeal, the firm argues that the judge was wrong and that the arbitration decision it had initially won against a client should stand.
UBS wealth unit launches group focused on inclusive investing
The new team will offer investments that focus on promoting equality, expanding opportunities and improving outcomes for underrepresented or marginalized groups.
Burt White moves from LPL to Carson Group
As chief strategy officer, LPL's former chief investment officer will join the executive board and report directly to Ron Carson.
Morgan Stanley spins off $15 billion RIA business
The asset sale suggests Morgan Stanley won't be following some competing Wall Street firms that are migrating toward the RIA space.
